According to Decrypt, a decentralized autonomous organization (DAO) Krause House plans to buy and operate an NBA team. 

The DAO launched a financing campaign through the sale of NFTs Last week, which are sold at three membership levels: Courtside (10 ETH), Club Level (1.0 ETH) and Upper Level (0.1 ETH). A higher level grants higher access rights and KRAUSE tokens. The team stated that it raised 200 ETH within 15 minutes after the start of sales through Mirror. As of Monday afternoon Eastern Time, it had raised 411 ETH ($1.7 million), with an overall financing target of 1,000 ETH. So far, 1,300 people have joined the Krause House Discord server. 

It is impossible to predict when Krause House will be able to raise enough funds, it usually takes billions of dollars to acquire an NBA team. Public data shows that the Utah Jazz was sold for $1.6 billion in December 2020, the Brooklyn Nets were acquired for $2.35 billion in August 2019, ex-Microsoft CEO Steve Ballmer purchased the Los Angeles Clippers franchise for $2 billion in 2014.

By Mary Liu